Shares in North River Resources (LON:NRRP) shot up almost 18% on Friday after it said the current drilling at its flagship Namib lead-zinc project had increased its confidence in the mineral resource at the Namibia property.
Resource expansion drilling is now underway but the group has drilled out 4,828 metres, in 66 holes, since the summer of 2014, when the last JORC estimate was published.
That showed the total resource had grown by 36% to 1.25mln tonnes with zinc and lead grades 6.5% and 2.5% - a rise of 13% and 4% respectively.
Drilling since has focused mainly on targeting both new extensions of known mineralised shoots, as well as infill drilling to potentially convert inferred into the higher confidence indicated category.
It was one of a number of junior mining stories this week
Another came from European Metals Holdings (LON:EMH), which has identified a series of shallower, higher grade deposits at its Cinovec lithium deposit in the Czech Republic.
EMH carried out a detailed geological model of the deposit and using that, and recent drilling, has put together a picture of where the higher grades may be located.
Rare Earth Minerals (LON:REM), which has an 11.87% stake in European Metals, added that identification of shallow higher grade material was an important development.
Scheduling these early within the potential mine plan would have a positive effect on the economics of the project, it said.
Metal Tiger (LON:MTR) this week told investors it has more time to decide on its option over a gold tailings project in Russia with Eurasia Mining (LON:EUA) - as the expiry date has been pushed out to March 15.
Latest data on the Semenovsky tailings project in Bashkiria show significantly improved financials including a 64% increase in NPV (net present value) to US$23mln and a favourable Rouble/US Dollar exchange rate, Metal Tiger noted.
The deal last year gave Eurasia an exclusive right to up to a two-thirds interest in the project and Metal Tiger paid US$25,000 to secure the option so it could participate in the project on equal terms with Eurasia.
Also, Eurasia last week said it had struck a loan deal with Sanderson Capital Partners, which will see it take £250,000 immediately for working capital.
It was a busy week for Metal Tiger (LON:MTR). Earlier it revealed it was to invest £50,000 into a similar business based in South Africa.
The AIM-listed group is to acquire over 19mln shares, roughly a 30% holding in ZimNRG (ISDX:ZIMO), a resource investing company quoted on the ISDX market.
ZimNRG will change its name to MetalNRG subsequent to shareholder approval.
Metal Tiger said the investment will be the first stage in the broadening of its network of interests in other publicly listed companies.
Zimbabwe-based miner Caledonia Mining (LON:CMCL TSX:CAL) has sold forward 15,000 ounces of gold production, it said this week.
A six month collar and cap arrangement has been set up at a price between US$1,050 per ounce and US$1,080 per ounce.
Caledonia said the arrangement would give it greater clarity over cashflows until July 2016 when production at its Blanket mine is expected to ramp up.
Ariana Resources (LON:AAU) managing director Kerim Sener said its local partner Proccea is making “rapid progress” with the construction of the pair’s Kiziltepe Mine in Turkey – and it remains on course for first gold pour in the second half of the year.
Work on important parts of the processing facility such as the ADR and carbon in leach circuits and the steel structure around the ball mill housing is about to begin.
Fully completed are the site administration, accommodation depot and lab buildings.
In the open pit, earth moving has started. The haul road to the plant has been finished and the drainage system finalised.